SERES(SH:601127) Sou Hu Cai Jing·2025-11-03 08:19Core Viewpoint - The company, Seres Group Co., Ltd., has set the final price for its H-share issuance at HKD 131.50 per share and plans to list on the Hong Kong Stock Exchange on November 5, 2025, marking it as the largest IPO for a car company in Hong Kong in 2025 [2][3]. Group 1: IPO Details - The IPO process has been efficient, starting in April 2025, with the company planning to issue 100.2 million H-shares, expecting a net fundraising amount of HKD 12.925 billion (approximately RMB 11.838 billion) [3]. - The IPO has attracted 22 cornerstone investors, including notable institutions, with a total subscription amount of approximately HKD 8.26 billion (around RMB 6.421 billion), indicating strong market confidence in the company's long-term value [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 110.534 billion, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of RMB 5.312 billion, up 31.56% year-on-year [3]. - The cumulative sales of new energy vehicles reached 304,600 units [3]. Group 3: Product and Technology Development - The high-end model series, AITO, has shown impressive performance, with the AITO M9 achieving over 250,000 deliveries in 21 months, setting a new record for vehicles priced over RMB 500,000 [4]. - The company has invested nearly RMB 30 billion in R&D, focusing on software-defined vehicles and innovative technologies, creating a positive cycle of technological breakthroughs, sales growth, and profit enhancement [4]. Group 4: Future Plans and Strategic Partnerships - The company plans to allocate 70% of the IPO proceeds to R&D, 20% to new marketing channels and overseas market expansion, and 10% for working capital and general corporate purposes [4]. - The company is collaborating with ByteDance's Volcano Engine on embodied intelligence business, exploring AI and embodied intelligence applications [5]. - The company aims to establish 100 experience centers in Europe and the Middle East by 2026 and partner with Huawei to build a supercharging network covering 80% of major international highways [4][5]. Group 5: Historical Context and Evolution - The company has evolved from a small spring factory established in 1986 to the fourth global company to achieve profitability in the new energy vehicle sector, exemplifying the transformation of Chinese manufacturing [6][8]. - The transition to new energy vehicles began in earnest after 2013, with significant investments in technology and strategic partnerships, including a deep collaboration with Huawei in 2021 [7][8].